Crestwood Appoints Two New Independent Directors Strengthening Its MLP Corporate Governance Model | 2021-11-11 | Press Releases


Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood & CloseCurlyDoubleQuote;) announced today that Angela A. Minas and Clay C. Williams have been appointed to serve on the board of directors of its general partner effective January 1, 2022.

“I am pleased to welcome Angela and Clay to the Crestwood Board of Directors. These two highly regarded individuals bring to our Board of Directors a wealth of experience and perspective from US and global industry that will greatly benefit Crestwood as we navigate the dynamic energy sector and take advantage of opportunities to continue to build. a leading mid-level infrastructure company, ”said Robert G. Phillips, Chairman of the Board, President and CEO of the General Partner of Crestwood ‘. “As we continue to grow our business and advance our sustainability strategies, we remain committed to improving our approach to strong corporate governance. Following the takeover of First Reserve in March 2021 and through these appointments, Crestwood further enhances the independence of its board, adding extensive expertise and industry diversity, as we move towards our first unitholder vote in spring 2022. & CloseCurlyDoubleQuote;

Ms. Minas brings extensive MLP experience and experience across the energy value chain to the Crestwood Board of Directors, where she will serve on the audit and compensation committees. She currently sits on the board of directors of the general partner of Westlake Chemical Partners (NYSE: WLKP) where she sits on the audit and conflict committees, and is a director of Vallourec SA, (Euronext: VK) a world leader in premium tubular solutions, where she chairs the audit committee. Ms. Minas previously served on the boards of CNX Midstream Partners, Weatherford International (NASDAQ: WFRD) and Ciner Resources LP (NYSE: CINR). During her career, she was Vice President and Chief Financial Officer of DCP Midstream and Chief Financial Officer, Chief Accounting Officer and Treasurer of Constellation Energy Partners. Ms. Minas holds a Bachelor of Arts and Masters of Business Administration degrees from Rice University, where she is currently a member of the Board of Supervisors of Rice University Graduate Business School.

Mr. Williams brings extensive financial, technical and operational expertise to the Crestwood Board of Directors, where he will serve as a member of the Compensation Committee. He is currently Chairman, President and Chief Executive Officer of NOV Inc. (NYSE: NOV) (“NOV & CloseCurlyDoubleQuote;), a multinational oil services company with more than 25,000 employees in 61 countries that is a provider of oil and gas solutions. ‘expert, equipment and operating support for the drilling and production industries. Mr. Williams brings a unique perspective to the Crestwood Board of Directors with over 35 years of experience in the global energy industry, having served as COO and CFO of NOV ‘and in numerous roles. financials with Varco prior to its merger with National Oilwell in 2005. From 2009 to 2019, Mr. Williams served on the board of directors of Benchmark Electronics (NYSE: BHE). Mr. Williams holds a Bachelor of Science in Civil and Geological Engineering from Princeton University and a Master of Business Administration from the University of Texas.

Update on corporate governance

With the addition of Ms. Minas and Mr. Williams, Crestwood’s board of directors will be made up of nine members of which 89% are independent, 33% are women and 44% serve three years or less. Ms Minas and Mr Williams will replace the two members of the First Reserve board of directors who stepped down in March 2021. Additionally, Crestwood has expanded its board committees to include nomination and governance, which completes the existing board oversight of audit, compensation, finance and sustainability committees. . Among other things, the new Nominating and Governance Committee will conduct an annual review of board assignments, with the possibility of rotations as needed, to ensure the board remains innovative and forward-thinking. As announced earlier this year, Crestwood will transition to an elected board with proxy access beginning in the spring of 2022. At that time, three current board members will be elected by unitholders, with one-third of the board each being eligible for re-election. year. In addition, as recently announced, Oasis Petroleum Inc. (NASDAQ: OAS) will have the right to appoint up to two additional directors to the board of directors of Crestwood, subject to current minimum ownership levels, following the completion of the transaction. merger with Oasis Midstream Partners LP (NASDAQ: OMP) which is expected in the first quarter of 2022.

About Crestwood Equity Partners LP

Crestwood Equity Partners LP (NYSE: CEQP), based in Houston, Texas, is a master limited partnership that owns and operates intermediary businesses in several shale resource areas across the United States. Crestwood is engaged in the collection, treatment, treatment, compression, storage and transportation of natural gas; storage, transport, terminalling and marketing of NGLs; collection, storage, terminalling and marketing of crude oil; and the collection and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.

Forward-looking statements

This press release may include certain statements regarding expectations for the future which are forward-looking statements as defined by federal securities law. These forward-looking statements include, among others, statements regarding the anticipated completion of the proposed transaction with Oasis Midstream Partners LP (“Oasis Midstream & CloseCurlyDoubleQuote;) and the timing thereof, and are subject to a variety of risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and in other reports available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect the views of the management of CloseCurlyQuote; only on the date of their publication. We assume no obligation to update any forward-looking statement, except as required by law.

No offer or solicitation

This communication concerns the proposed transaction between Oasis Midstream Partners LP and Crestwood. This communication is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a vote or approval, in any jurisdiction, in accordance with the proposed transaction or otherwise, and there will be no sale, issue, exchange or transfer of the securities referred to herein in any jurisdiction in violation of applicable law. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional information and where to find it

In connection with the proposed transaction, Crestwood will file a registration statement on Form S-4, including a statement of consent / preliminary prospectus for unitholders of Oasis Midstream with the United States Securities and Exchange Commission. United (“SEC & CloseCurlyDoubleQuote;). INVESTORS AND UNITHOLDERS OF CRESTWOOD AND OASIS MIDSTREAM ARE ADVISED TO READ CAREFULLY THE STATEMENT OF REGISTRATION AND THE STATEMENT OF PRELIMINARY CONSENT / PROSPECTUS (INCLUDING ALL CHANGES AND SUPPLEMENTS WHICH MAY BE AVAILABLE THEREIN). WILL CONTAIN IMPORTANT INFORMATION AND RISKS ASSOCIATED WITH THE TRANSACTION. The declaration of consent / final prospectus, when available, will be sent to Oasis Midstream unitholders in connection with the solicitation of consents from Oasis Midstream unitholders in relation to the proposed transactions. Investors and unitholders can obtain a free copy of the declaration of consent / preliminary or final prospectus (each where available) filed by Crestwood or Oasis Midstream with the SEC on the SEC’s website at ‘address www.sec.gov. Unitholders and other interested parties will also be able to obtain, free of charge, a copy of the declaration of consent / preliminary or final prospectus and other relevant documents (when available) on Crestwood’s website at address https://www.crestwoodlp.com/ investors / or on Oasis Midstream’s website at http://oasismidstream.investorroom.com.

Participants in the call for tenders

Crestwood, Oasis Midstream and their respective directors, officers and general partners, as well as Oasis Petroleum Inc. and its directors and officers, may be considered participants in the solicitation of consents from Oasis Midstream unitholders with respect to the transactions. Information on these individuals is presented in Crestwood’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 26, 2021, Oasis Midstream’s Annual Report on Form 10- K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 8, 2021, and subsequent statements of beneficial ownership changes filed for each of Crestwood and Oasis Midstream with the SEC. Unitholders and investors may obtain additional information regarding the interests of such persons, which may be different from those of the respective companies’ to unitholders in general, by reading the declaration of consent / preliminary or final prospectus, or other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.


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